BTC is currently trading around $29,200 and ETH around $1,900. Notable gainers in the last 24 hours are RNDR, ICP, and CAKE. The global crypto market cap is ~$1.25T, up ~1.1% over the last day. DeFi Total Value Locked is ~$49b and BTC dominance is around 49%.
Crypto markets are making back a portion of recent losses, while equities are taking a breather after Amazon’s earnings release. Amazon jumped ~11% yesterday in the early after-hours session behind a strong headline report, but gains were more than fully offset as weak cloud guidance arose during the earnings call. Pivoting to global monetary policy, the Japanese yen fell against major currency pairs and JGBs rallied during BoJ Governor Kazuo Ueda’s inaugural policy meeting. Many investors anticipated that the departure of Governor Kuroda would offer an ideal pivot point to begin tightening monetary conditions, and while many strategists still expect this to be the case moving forward, Governor Ueda maintained the BoJ’s ultra-low policy rates and yield-curve control strategy as he announced a formal policy review – leaving flexibility for the BoJ to tighten still after a broader review is complete. On the data front, U.S. Core PCE was in line with forecasts at 0.3% for March, and the Fed is widely expected to hike rates by 25 bps next Wednesday, increasing the Fed funds target range to 5% – 5.25% before a pause is anticipated in June.
Notable news includes: U.S. officials are leading urgent rescue talks for First Republic bank; Coinbase issued a warning response to the SEC’s Wells Notice, declaring its intent to fight back if sued; Binance Japan will launch sometime after June, and FTX confirmed plans to restart its Japanese exchange; Revolut tapped Koinly for automated crypto tax reports; Robinhood revealed a new feature enabling users to access its platform’s features from external wallets; RNDR surged ~50% after its community approved an expansion to Solana; PancakeSwap’s DAO is voting for an aggressive reduction in token inflation; the U.S. government holds ~$6b worth of bitcoin according to Glassnode data; NFT Collective Proof is building a 3d world for the Moonbirds community; the FBI searched former FTX exec Ryan Salame’s home; and, the Merlin DEX exploit was confirmed to have been executed by rouge developers that abused private key privileges.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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